MRP Realty pays $42.5m with Creek Lane Capital for Nashville land

Published at: 2019-07-09 16:38 | Author: CIJ USA

Joint venture partners MRP Realty and Creek Lane Capital have paid $42.5 million for 13 acres of land in River North Nashville. The duo will develop a 1.3 million sqf mixed-use scheme designated as an Opportunity Zone, along the Cumberland River. The first master planned waterfront community east of the river, Phase I of the project will include more than 600 multifamily units, 85,000 sqf of retail along with 50,000 sqf of office space. Phase II will add an additional 500 units and another 50,000 sqf of retail. Plans include a public riverfront park along the entirety of the site, which will connect with the existing Cumberland River Greenway system.

“This site provides us with the opportunity to celebrate the industrial history of the area by repositioning one of the existing waterfront warehouse buildings, which will become a focal point of the project,” said MRP managing principal Bob Murphy. “As we connect the waterfront to downtown Nashville, we will activate the entire area for new residents to enjoy a lifestyle of walkability and access to retail, restaurants, open space and office.”